In this piece, we discuss the 9 Most Undervalued Silver Mining Stocks to Buy Now.
Silver has had a volatile run over the past year. On a CNBC segment dated June 9, 2026, Manisha, a commodities expert, noted that silver prices are down nearly 10% on the week, 22% on the month, and have turned negative for the year, down about 5%, though still up roughly 85% over the past 12 months. At one point, that 12-month gain had reached 150%.
The bigger picture tells a different story. On January 1, 2025, silver traded at $30 an ounce. By January 1, 2026, prices had more than doubled to $71 an ounce. Silver then hit an all-time high of $120 an ounce on January 29, 2026, before pulling back to around $67 an ounce currently, still double where it stood at the start of 2025.
The supportive backdrop remains intact. This marks the sixth straight year of a global silver deficit, with supply for this year estimated at 1,066 million ounces against demand of 1,112 million ounces, leaving a 46-million-ounce shortfall. About 70% of silver supply comes as a byproduct of mining copper, lead, and zinc, and top producers, including Mexico, China, Peru, and Chile, have been restricting exports.
On the demand side, solar, green energy, EVs, AI, and data centers are driving consumption, while investment demand through physical buying and ETFs has pushed prices higher.
With that background in mind, let’s jump to our list of the most undervalued silver mining stocks to buy now.
Our Methodology
We used screeners to identify silver stocks trading below a forward P/E of 19x. With that, we ensured that these stocks trade at forward price-to-earnings (P/E) multiples at least 25% below the S&P 500’s P/E multiple of 25.73x as of June 5, 2026. These stocks are also popular among analysts and elite hedge funds.
Our final list is ranked in ascending order by forward P/E multiple.
Note: All data sourced on June 11, 2026.
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9. Royal Gold, Inc. (NASDAQ:RGLD)
With a forward P/E of 16.08x, Royal Gold, Inc. (NASDAQ:RGLD) ranks among the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 63.80% upside for the stock. However, the most recent update was bearish.
BofA cut its price target on Royal Gold, Inc. to $245 from $246 on May 19, 2026, reiterating an “Underperform” rating. The move came after SSR Mining Inc. announced a definitive agreement with Lidya Mines of Turkiye to sell its 20% stake and operatorship in the Hod Maden project, with Royal Gold announcing plans to cut its own Hod Maden stake to 15% from 30%.
That resolution answers a question that Royal Gold, Inc. faced repeatedly during its first-quarter 2026 earnings call on May 7, 2026. CEO William Heissenbuttel told analysts that any rationalization of the company’s Hod Maden interest would have to involve its partners, either to them or to a third party, with their consent. He added that an answer should come relatively soon, noting SSR had put its own timeframe of a few months on the strategic review.
On that same call, CFO Paul Libner explained how the Hod Maden equity investment runs through Royal Gold’s books. Royal Gold, Inc. booked a $14 million cash call for its share of development costs in the first quarter, plus a $1.3 million pickup of joint venture losses in interest and other expense. Libner said those losses had typically run between $600,000 and $700,000 per quarter over the prior four to five quarters.
Royal Gold, Inc. is involved in the acquisition and management of precious metal streams, royalties, and similar interests. Its operations are divided into the Acquisition and Management of Stream Interests and the Acquisition and Management of Royalty Interests segments.
8. Hudbay Minerals Inc. (NYSE:HBM)
Hudbay Minerals Inc. (NYSE:HBM) carries a forward P/E of 15.20x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 12.90% upside for the stock.
However, uncertainty over copper tariffs is back in focus, and Hudbay Minerals Inc. is among the names being watched closely as the White House edges toward a potential policy decision.
On June 12, 2026, Jefferies analysts said President Trump may announce a decision on refined copper tariffs later this month. The firm outlined a scenario where tariffs start at 15% in January 2027, rising to 30% in January 2028, though a delay of six to twelve months remains possible. Jefferies identified Freeport-McMoRan and Rio Tinto as having the most direct exposure to US copper prices, with Hudbay Minerals Inc. and Ivanhoe Electric also facing potential impacts.
The backdrop here matters. On August 1, 2025, Trump implemented Section 232 tariffs at a 50% rate on semi-finished copper products, citing national security concerns, though refined copper imports were excluded at that time. The Department of Commerce has since recommended a 15% tariff on copper raw material imports starting January 1, 2027, stepping up to 30% in January 2028, and must deliver an updated report by June 30, 2026, for Trump to act on refined copper.
Refined copper currently accounts for 40% to 50% of the US supply. Jefferies noted that extending tariffs to refined copper would lift domestic price premiums and tighten supply until new refining and smelting capacity comes online, a process expected to take several years. COMEX prices have already moved above LME in anticipation, though the current premium remains below the proposed 15% tariff level.
Separately, on May 28, Hudbay Minerals Inc. received Toronto Stock Exchange approval for a normal course issuer bid to repurchase up to 19,863,997 common shares, or 5% of shares outstanding as of May 21.
The program runs from June 1, 2026, to May 31, 2027, with repurchased shares earmarked for cancellation and funded through operating cash flow. Daily TSX purchases are capped at 469,604 shares, excluding permitted block purchases. The company renewed the program because it believes the current share price does not fully reflect its underlying value, though it offered no guarantee on the number of shares that will ultimately be bought back.
Hudbay Minerals Inc. is a mining company that produces copper concentrate, molybdenum concentrate, and zinc metal. The company’s focus is on the production, discovery, and marketing of base and precious metals.
7. Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM)
With a forward P/E of 14.95x, Avino Silver & Gold Mines Ltd. ranks among the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 112.80% upside for the stock, while a record quarter and a pair of analyst upgrades have put Avino firmly in focus for silver investors.
On May 13, 2026, Avino Silver & Gold Mines Ltd. reported Q1 2026 results that broke company records across the board.
Revenue came in at $39.4 million, up 109% from Q1 2025 and 29% from Q4 2025. Mine operating income reached $23.4 million, up 122% year-over-year, while net income hit $15.9 million, or $0.09 per diluted share. EBITDA surged 163% from Q1 2025 to $25.5 million, and adjusted earnings rose 150% to $24.3 million, or $0.14 per share. Operating cash before working capital movements came in at $18.7 million, up 154% year over year.
Silver accounted for 60% of revenues at an average realized price of $86.42 per ounce, with mill throughput improving 11% year over year through targeted upgrades and automation. La Preciosa contributed 49,830 silver ounces from development production, slightly ahead of Q4 2025.
President and CEO David Wolfin said Avino Silver & Gold Mines Ltd. is now in its strongest financial position in company history, with a balance sheet he described as a foundation for Avino’s plan to become a Mexico-focused mid-tier primary silver producer. Separately, the TSX accepted Avino’s notice to repurchase up to 8,423,566 common shares, roughly 5% of shares outstanding, funded by free cash flow.
The results immediately drew analyst attention. On May 14, 2026, H.C. Wainwright’s Heiko Ihle raised the firm’s price target on Avino Silver & Gold Mines Ltd. to $13 from $12.50, keeping a “Buy” rating, citing continued balance sheet improvement. The following day, Roth Capital lifted its target to $8 from $7.50, maintaining a “Neutral” rating, noting that Q1 results beat its expectations and that gold and silver prices had rebounded somewhat.
Avino Silver & Gold Mines Ltd. works in mining and exploration activities. It focuses on silver reserves in the Durango region of North Central Mexico. It operates through the Silver, Gold, and Copper segments.
6. Pan American Silver Corp. (NYSE:PAAS)
Pan American Silver Corp. (NYSE:PAAS) has a forward P/E of 10.41x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 62.60% upside for the stock.
A record cash balance, a billion-dollar return target, and a major development push at Timmins put Pan American Silver Corp. firmly in focus for silver investors.
On June 1, 2026, Pan American Silver Corp. announced a phased development plan at its Timmins operations in Ontario, with board approval for a 625-meter shaft extension at Bell Creek mine, an 814-meter drift to access the Vogel deposit, and a 1.3-kilometer exploration drift toward the Samson deposit, totaling approximately $146 million. The Bell Creek shaft extension is expected to take roughly three years, with commissioning targeted for the first half of 2029. CEO Michael Steinmann said the phased integration of satellite deposits could position Timmins as a long-life Canadian production platform.
That update followed a strong Q1 2026 earnings report on May 5, 2026. Revenue came in at $1.2 billion, with attributable free cash flow of $488 million pushing cash and short-term investments to a record $1.6 billion. Net earnings were $456 million, or $1.08 per basic share. Silver Segment AISC came in at $6.63 per ounce, well below Pan American Silver Corp.’s (NYSE:PAAS) quarterly outlook, helped by higher gold by-product credits and strong Juanicipio contributions. Attributable silver production was 6.44 million ounces.
Alongside the results, the board approved an enhanced shareholder return framework targeting 35% to 40% of annual attributable free cash flow, with up to $1 billion in returns planned for 2026. A quarterly dividend of $0.18 per share was declared, payable on or about June 1, 2026.
Pan American Silver Corp. is a premier Canadian mining company that explores, extracts, and produces silver and gold, along with base metals like zinc, lead, and copper, primarily in the Americas. It operates high-margin mines and aims to be the world’s leading silver producer, with operations in Canada, Mexico, Brazil, Argentina, and Peru.
5. Silvercorp Metals Inc. (NYSEAMERICAN:SVM)
Silvercorp Metals Inc. (NYSEAMERICAN:SVM) trades at a forward P/E of 9.81x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 38.00% upside for the stock.
A major reserve upgrade at its flagship Chinese operation gives Silvercorp a meaningful boost to its long-term production outlook.
On June 12, 2026, Silvercorp Metals Inc. released an updated technical report for the Ying Mining District in Henan Province, China, with an effective date of December 31, 2025.
The report, prepared independently by AMC Mining Consultants, showed proven and probable mineral reserves of 19 million tons grading 174 g/t silver, containing 106 million ounces of silver, 107 thousand ounces of gold, 472 thousand tons of lead, and 150 thousand tons of zinc. Compared to the June 2024 technical report, total reserve tons increased 50%, with contained silver, gold, lead, and zinc rising 20%, 52%, 16%, and 22%, respectively. Measured and indicated mineral resources also expanded sharply, with tons up 90% and contained silver and gold rising 37% and 62%, respectively.
The updated report reflects both active mine depletion and significant resource conversion, aided by lower cut-off grades applied in response to a higher silver price assumption of $28 per ounce versus $21 per ounce in the prior report.
The Ying Mining District is planned for a 17-year mine life through 2042, with annual ore production projected to rise from approximately 1.2 million tons in fiscal 2026 to over 1.6 million tons by fiscal 2029. At a 5% discount rate, the report projects pre-tax and post-tax NPVs of $1.275 billion and $1.030 billion, respectively. Silver is expected to account for 69.3% of net revenue over the life of mine.
Silvercorp Metals Inc., based in Canada, is a China-focused silver mining company. It is China’s top primary silver producer. It also produces other metals, including gold, lead, and zinc. Silvercorp has exploration and development projects in other countries outside China. The company was founded in 1991.
4. Coeur Mining, Inc. (NYSE:CDE)
With a forward P/E of 8.77x, Coeur Mining, Inc. (NYSE:CDE) ranks among the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 66.30% upside for the stock.
Recent developments, including a Scotiabank analyst resuming coverage, record Q1 results, and the closing of a transformative acquisition, all indicate a materially larger and more cash-generative Coeur Mining, Inc..
On June 12, 2026, Scotiabank analyst Eric Winmill resumed coverage of Coeur Mining, Inc. with an “Outperform” rating and a $27.50 price target. Winmill told investors that following a series of strategic acquisitions and expansions, Coeur’s consolidated production is on track to surpass 1 million gold-equivalent ounces in 2026, which the firm expects to drive free cash flow of more than $2 billion at spot prices for the year.
That view is grounded in a strong Q1 2026 showing.
On May 6, 2026, Coeur Mining, Inc. reported record quarterly results, with revenue of $856 million, record EBITDA of $475 million, up 12% quarter-over-quarter and nearly fourfold year-over-year, and free cash flow of $267 million, even after absorbing more than $200 million in quarter-specific and one-time items. Silver production rose 18%, and gold production climbed 11% year over year.
Management reaffirmed full-year guidance of more than $3 billion in EBITDA and $2 billion in free cash flow, noting those projections assume only partial contributions from the newly acquired New Afton and Rainy River mines. Cash and equivalents grew nearly elevenfold over the past year to $843 million.
The Q1 results included just eleven days of contribution from those assets, which came to Coeur Mining, Inc. via the completion of its New Gold acquisition in March 2026. Under the deal, New Gold shareholders received 0.4959 Coeur shares per share, with Coeur issuing approximately 392.7 million new shares, bringing shares outstanding to roughly 1.03 billion post-close.
Coeur Mining, Inc. is a gold and silver producer in the U.S., Canada, and Mexico. The company explores for gold, silver, zinc, lead, and other related metals. It markets and sells its concentrates to third-party customers, including refiners and smelters, under off-take agreements.
3. Kinross Gold Corporation (NYSE:KGC)
Kinross Gold Corporation (NYSE:KGC) carries a forward P/E of 8.55x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 66.20% upside for the stock.
On June 9, 2026, Jefferies named Kinross Gold Corporation among four Buy-rated mining stocks it sees as well-positioned to benefit from a sharp rise in global copper prices, alongside Barrick, Endeavour Mining, and Capstone Copper. The brokerage hiked its copper price forecasts on the back of strong demand from a U.S. capital expenditure cycle centered on data centers and power infrastructure, combined with structural supply deficits.
For Kinross Gold Corporation specifically, Jefferies estimated total gold equivalent sales of 2,102 thousand ounces for full-year 2026 and set its 2026 EPS estimate at $3.43, while flagging operational disruptions, negative earnings revisions, and sector-wide valuation compression as key risks.
That followed a June 1, 2026, price target increase from BofA analyst Lawson Winder, who raised the firm’s target on Kinross Gold Corporation to $46 from $43.50 while keeping a “Buy” rating, citing updated estimates.
Earlier, on May 18, 2026, Freedom Broker upgraded Kinross Gold Corporation to “Buy” from “Hold,” lifting its price target to $38 from $13.50. The firm described Q1 as a clean, high-quality beat and called the Great Bear project the most important unpriced option in Kinross’ portfolio.
Based in Canada, Kinross Gold Corporation is involved in the production, exploration, acquisition, and development of gold properties. Its operations are divided into the following business segments: Tasiast, Paracatu, La Coipa, Fort Knox, Round Mountain, Bald Mountain, and Corporate & Other.
2. SSR Mining Inc. (NASDAQ:SSRM)
With a forward P/E of 5.96x, SSR Mining Inc. (NASDAQ:SSRM) ranks among the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 65.20% upside for the stock.
On June 3, 2026, RBC Capital analyst Josh Wolfson upgraded SSR Mining Inc. to “Outperform” from “Sector Perform,” trimming the price target to $40 from $45.
Wolfson said SSR Mining Inc.’s (NASDAQ:SSRM) portfolio has shifted to a Canada- and U.S.-focused profile, a profile that commands a higher valuation premium. He noted that SSR Mining completed two major transactions in the first half of 2026, effectively exiting Turkey as a jurisdiction. Once completed, Canada and the U.S. will represent 88% of net asset value and 79% of EBITDA, with revenue almost entirely tied to precious metals. RBC said that the mix usually draws a higher valuation, yet SSR Mining still trades at a discount to peers while generating higher free cash flow.
That shift traces back to two agreements.
On May 18, 2026, SSR Mining Inc. agreed to sell its 20% stake and operator role in the Hod Maden project to Lidya Mines for an uncapped 4.0% net smelter return royalty (NSR). Royal Gold, also a project partner, will sell part of its stake to Lidya Mines for a 2.5% NSR and keep certain consent rights over SSR Mining’s royalty.
That followed the late March 2026 agreement to sell SSR Mining Inc.’s 80% stake in the Çöpler mine in Turkey to Cengiz Holding for $1.5 billion in cash. Both deals are expected to close in the third quarter of 2026, pending regulatory approval from Turkish authorities.
SSR Mining Inc. is a metals mining company that has assets in four jurisdictions: the USA, Turkiye, Canada, and Argentina. It is involved in the acquisition, exploration, operation, and development of precious metal resource properties.
1. Contango Silver & Gold Inc. (NYSEAMERICAN:CTGO)
Contango Silver & Gold Inc. carries a forward P/E of 2.02x, securing its place on our list of the most undervalued silver mining stocks to buy now. Meanwhile, analysts see 139.20% upside for the stock.
On May 26, 2026, Contango Silver & Gold Inc. announced the start of its 2026 Kitsault Valley surface drill program.
Three diamond drills are currently active, focused on infill and resource expansion at the Torbrit and North Star deposits, with two more drills expected online within the week. The full program calls for roughly 40,000 meters of drilling, largely aimed at infill and resource expansion across the Dolly Varden deposits (Torbrit, North Star, and Dolly Varden), the Wolf deposit, and the Homestake Ridge deposits (Homestake Main and Homestake Silver). About 10,000 meters of exploration drilling will be targeted elsewhere across the company’s land package in British Columbia’s Golden Triangle.
The drilling is meant to support a new resource update and a preliminary economic study, expected in the first half of 2027.
Rob van Egmond, Contango Silver & Gold Inc.’s VP Exploration for Canada, said drilling will start at the Dolly Varden deposits and Wolf before moving north to the Homestake Ridge deposits later in the season. He pointed to the discovery of Torbrit-style mineralization at Wolf late in the 2025 season, where drill hole DV25-470 returned 518 grams per ton silver, 0.19% lead, and 0.34% zinc over 0.52 meters, within a broader zone grading 66 grams per ton silver, 0.12% lead, and 0.19% zinc over 12.45 meters, including native silver. Van Egmond called it a kilometer-scale opportunity for further testing.
Contango Silver & Gold Inc. explores for gold and minerals in Alaska and British Columbia’s Golden Triangle, holding a 30% stake in the Peak Gold JV, plus interests in the Johnson Tract, Lucky Shot, and Kitsault Valley properties.
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